BUDGET: Income tax threshold increased by £1,000
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The income tax allowance is to increase by £1,000 next April from £6,475 to £7,475.
Chancellor George Osborne says this will support 23 million basic rate taxpayers who will receive an additional £170 a year following the increase in the income tax threshold.
The move will take 880,000 people out of the tax system altogether.
The higher rate income tax threshold will remain frozen until 2013/14, and the chancellor says that the government’s long-term aim is to eventually increase the personal allowance to £10,000.
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Readers' comments (1)
Anonymous | 22 Jun 2010 2:21 pm
this is ridiculous, we need this increase now, not next year, it should be back dated to april as nick clegg promised.
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